Based on daily data from March, Singapore reported the following in year-over-year comparisons:
- increases in supply (+2.8%) and demand (+2.0%);
- a 0.8% decrease in occupancy to 82.6%;
- a 2.4% decrease in average daily rate (ADR) to SGD280.88; and
- a 3.2% decrease in revenue per available room (RevPAR) to SGD232.03.
As occupancy declined only marginally for the month, Singapore’s overall drop in performance came due to the decline in ADR. Strong supply growth coupled with weakened demand growth has provided tourists with a larger range of hotel options. As a result, hoteliers have lowered rates.
STR will release March 2016 results during the week of 25 April.